The Electrophysiology Market is expected to register a CAGR of 8.5% during the forecast period.
Globally, the COVID-19 had a huge and unprecedented impact on public health and healthcare delivery across several countries. Most electrophysiology activities have been significantly reduced in order to accommodate the healthcare demands of the pandemic. Irrespective of challenges faced during the pandemic, electrophysiologists still play a vital role in managing cardiovascular complications related to COVID-19 and in maintaining services for urgent and emergency electrophysiology procedures.
The COVID-19 pandemic has resulted in a significant decrease in volume of electrophysiology procedures. For instance, according to a research study by Virginia K Singla et al., published in Journal of Cardiovascular Electrophysiology January 2021, the study results found that 98% of people reported a decrease in procedural volume as a result of the COVID-19 pandemic. Moreover, the overall decrease in annual number of ablations and device procedures performed by each fellow during the 2019-2020 period compared to the preceding year.
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Certain factors that are driving the growth of the market are increasing prevalence of target diseases, technological advancements in the field of electrophysiology, and increasing demand for catheter ablation procedures.
According to a research study by Giuseppe Lippi et al., published in the International Journal of Stroke January 2020, globally, atrial fibrillation is the most frequent cardiac arrhythmia. It has been estimated that 17.9 million people in Europe will suffer with atrial fibrillation by 2060. Moreover, the incidence and prevalence have increased over the last 20 years and will continue to increase over the next 30 years, especially in countries with middle socio-demographic index, becoming one of the largest epidemics and public health challenges. Worldwide, atrial fibrillation burden may increase by more than 60% in 2050. Thus, such a high burden of atrial fibrillation is likely to rise demand for electrophysiology procedures in near future. In addition, a rapid increase in the aging population was found to be responsible for increasing heart failure rates, which has further contributed to the growth of the electrophysiology market.
Moreover, technological advancement is another contributing factor in the growth of electrophysiological market. For instance, in May 2019, Abbott Laboratories launched an advanced heart monitor for more accuracy in detecting arrhythmia. The next-generation Confirm Insertable Cardiac Monitor (ICM) received U.S. Food and Drug Administration (FDA) clearance and CE Mark in Europe for marketing. It is an implantable paperclip-sized device with smartphone connectivity and constant, remote monitoring to track unpredictable incorrect heart rhythm issues for swift and precise diagnostic.
The market players are adopting various strategies such as collaborations, partnerships, acquisitions and expansions to increase market share. For instance, in May 2019, Osypka AG entered into strategic collaboration agreement with Stereotaxis for the development of next-generation magnetic ablation catheter with integration of robotic technology of Stereotaxis. This has stimulated the growth potential of both the companies in the industry. However, factors such as the lack of skilled electrophysiologists and unfavorable healthcare reforms are acting as a major restraint for the electrophysiology market.
Key Market Trends
Ablation Catheters Segment is Expected to Hold Significant Market Share Over the Forecast Period
Ablation catheters are useful in removing anomalous heart tissues that may result in irregular heartbeats. These devices work on the basis of ablation, which is a minimally invasive procedure that employs catheters to demolish the defective electrical pathways from the heart. Radiofrequency ablation and cryoablation are the most commonly used types of ablation catheters, and both are expected to hold significant market shares, aided by related advancements in the technology.
During the COVID-19 pandemic 2020, the health care providers have reduced outpatient services and delayed elective cardiac surgeries during the epidemic, while a large number of patients face more cardiovascular risks compared with those of the pandemic. Furthermore, the COVID-19 pandemic has led to a major re-structuring of cardiac services within the United Kingdom (i.e. postponement of non-urgent elective procedures and rationalisation of acute services). The major British cardiac societies have provided guidance which has helped inform a timely update of local hospital protocols and pathways.